Harrah's faces up to $19 billion in debt. In step with filings with the Securities and Exchange Commission, a payment of $661 million is due in 2011.
Earlier this year, Harrah's exchanged $5.4 billion in maturing debt for $3.6 billion in notes not due until 2018, after making concessions on rates and upfront payment to lenders.
Harrah's took itself private only months before the onset of the recession. The switch off the general public market meant the absorption of an excessive amount of debt, only to search out gambling revenues rapidly decreasing.
Many other gambling operators has been pushed to or over the threshold of bankruptcy. MGM Mirage and Las Vegas Sands had investors wondering if either or both is probably not capable of survive this past spring, and Trump Entertainment and Station Casinos begin the lengthy list of gaming bankruptcies.
Published on September 8, 2009 by A.J.Maldonado
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Read More... [Source: MGM Casinos in the News]
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